Elumelu invests in Nigeria's biggest oil explorer with a 20% stake

Heirs Holdings, led by Tony Elumelu, agreed to buy a 20% stake in Seplat Energy for $496 million. The deal adds to his growing energy investments in Nigeria.

Tony Elumelu's Heirs Holdings has agreed to buy a 20% stake in Seplat Energy as part of an effort to grow its energy holdings in Nigeria. The companies said the stake is being bought from France's Maurel & Prom for $496 million. The purchase follows earlier deals in the sector, including Heirs' 2021 acquisition of Shell assets. Seplat has also acquired local onshore and gas assets recently. The move is described by the parties as a step to expand their presence in Nigeria's oil market. What was announced: - Heirs Holdings will buy a 20% stake in Seplat Energy from Maurel & Prom for $496 million. - An initial payment of $248 million is due now, with the remainder payable within 30 days. - Seplat's shares rose in London after the announcement and Maurel & Prom's shares rose in Paris. - Heirs previously bought Shell's local assets and Seplat recently acquired Exxon Mobil's local onshore and gas assets. Summary: The deal strengthens Heirs Holdings' position in Nigeria's oil sector and adds to recent industry purchases. Undetermined at this time.